What is an accounting cycle?
submitted by sekhar

Kelvin McCabor

It's basically the routine you do every month or year to keep track of all the money and assets in a company. You record all transactions, make sure everything adds up, and then generate reports like the income statement and balance sheet.

schmedrious pickles

The accounting cycle is the process that businesses follow to record, process, and report their financial transactions within a specific period. It includes entering transactions into a journal, posting to the ledger, preparing trial balances, adjusting entries, and producing financial statements.

It's everything you'd do for your accounting during a certain period.